Union Dental Holdings, a provider of multistate dental services for union members, announced that its 2009 revenues were up 21% compared to 2008.
For the year (end-December 31), the revenues from operations climbed to $3.1 million from $2.6 million in 2008. The company modified a loan, lowered expenses such as consulting and professional fees, and increased its revenue base, Union Dental said. Profit rose to $329,000 for 2009, up from $226,000 in 2008.
"I am pleased we are again profitable especially in this dramatic worldwide economic downturn we are facing," Union Dental President George D. Green, D.D.S., said in a press release "Again, a majority of our losses in the past were related to the interest expense, increased IR [investor relations] consulting fees, professional fees, and a derivative issue for some of our financing."
Union Dental Holdings operates Direct Dental Services and Union Dental. Direct Dental Services provides dentists with "areas of exclusivity" to participate with various unions, including the Communications Workers of America (CWA), International Brotherhood of Electrical Workers (IBEW), United Association of Plumbers and Pipefitters, and Association of Flight Attendants–CWA.
Direct Dental Services receives annual management fees from the dentists in exchange for practicing in these areas of exclusivity where CWA and IBEW members use the dentists' services. Union Dental also manages a dental practice in Coral Springs, FL.
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